First time buyer!

JimmyTheWig

kingstreet wrote: »

It won't reduce your chances, but it will certainly reduce what you can borrow.

I.e. it _will_ limit their chances of being approved for the loan that they need.

natjscofield

kingstreet wrote: »

It won't reduce your chances, but it will certainly reduce what you can borrow.

Cheers.
Combined we earn £28605 gross a year (not a lot I know) but my husband has just signed a contract stating in January his wage will increase bringing our total gross yearly income to £33,500 so hopefully they'll be able to take that into account too.
He works for a national well known company so it's not like its just a crappy drawn up contract. We'd happily show it to the bank.

cinnamon442

natjscofield wrote: »

Cheers.
Combined we earn £28605 gross a year (not a lot I know) but my husband has just signed a contract stating in January his wage will increase bringing our total gross yearly income to £33,500 so hopefully they'll be able to take that into account too.
He works for a national well known company so it's not like its just a crappy drawn up contract. We'd happily show it to the bank.

They won't take the wage increase into account until he has at least one payslip showing the higher amount. We had this problem ourselves!

natjscofield

cinnamon442 wrote: »

They won't take the wage increase into account until he has at least one payslip showing the higher amount. We had this problem ourselves!

That's a bit pants!

kingstreet

cinnamon442 wrote: »

They won't take the wage increase into account until he has at least one payslip showing the higher amount. We had this problem ourselves!

At least one lender will accept it as long as it's happening within three months and you have it in writing.

natjscofield

kingstreet wrote: »

At least one lender will accept it as long as it's happening within three months and you have it in writing.

Hopefully that's the case.
It's all in writing and signed by both my husband and the employer.
It's happening in January so I guess I'd have to wait until end of October ish.

plumfin

Our purchase price was £120K, solicitor fees £900, a few extra fees for about £180. Like you, not much to change internally except boiler service, half tank of oil, curtains - £500 all in I would guess. You do need at least a little spare cash I think!!

cinnamon442

natjscofield wrote: »

Hopefully that's the case.
It's all in writing and signed by both my husband and the employer.
It's happening in January so I guess I'd have to wait until end of October ish.

Make sure you check with the lender or ask a broker to before you assume it'll be fine. Our lender would take the letter from my partner's work stating he was getting a pay rise as it was within three months (the next month, actually), but still wouldn't include it in affordability calculations.

He's now been on his higher salary for two months and we haven't moved in yet, which is a bit annoying. But still, it means we can easily afford the repayments.